Italy’s election matters — here’s why

Will Italians this weekend elect a center-left government headed by a former Communist? Or will they make the pivotal figure in their next government a former comedian who now leads a new movement that stands for suspending payments on the national debt and holding a referendum on Italy remaining in the euro currency?

Or will the Italian electorateâ??hold onto your hatsâ??turn for the fourth time to former Prime Minister Sylvio Berlusconi, who has been tried about 30 times, but convicted only three (with verdicts timed out or overturned)? Now 77 and engaged, the billionaire media mogul is again leading his People of Liberty Party in elections Feb. 24-25.

The Italian election can be viewed as comedy or tragedy, depending on oneâ??s point of view. But most importantly, the outcome of the race in a few days to determine whoâ??s in charge of Europeâ??s fourth-largest economy will be watched closely by the White House as well as the worldâ??s major economies.

Not quite alone among Europeâ??s debt-wracked economies, Italyâ??s performance shows strong signs of recovery. Where the economies of sister industrial nations Germany and France shrunk slightly, Italyâ??s actually grew from 98.9 points in August to 99.0 points in September, according to the Organizations for Economic Cooperation and Development (OECD).

Worries that Italy would be the fourth European economy to decline were assuaged. There was no further discussion that Italy would follow in the footsteps of Ireland, Portugal, and Greece and require a multi-billion dollar bailout from the International Monetary Fund, European Union, and European Central Bank.

Credit for Italy keeping its head above water is almost universally given to Prime Minister Mario Monti, an economist never elected to anything who was tapped to head the government last year when Berlusconi was forced out. With his cabinet of technocrats and his agenda of slight tax increases with major cuts in spending, Monti has overseen nothing short of a rescue of his nationâ??s formerly uncertain economy. Montiâ??s reform program, as Angel Gurria, secretary general of the OECD, told â??Review Italyâ?ť in December, â??are laying the foundations for a stronger, more competitive and more inclusive Italyâ?ť and â??the benefits of these measures could raise Italyâ??s GDP by some 4 per cent over the next ten years.â?ť

It is widely rumored in Washington that the Obama administration wants very much for the 69-year-old Monti to remain in power in Rome. But in all likelihood, that is a long shot, at the very best.

A colorful cast of characters

Like the late University of Boston President John Silber when he ran for governor of Massachusetts in 1982 or retired General (and onetime Olympic great) Pete Dawkins running for senator from New Jersey in â??88, non-politician Monti has never been able to adapt his obvious acumen to the political arena. Late last year, in launching his first-ever bid for office, the premier tried to cobble together a centrist alliance with the help of Ferrari head Luca Cordero di Montezemolo and Pier Ferdinando Casiniâ??s Catholic UDC Party. By all accounts, Montiâ??s hastily-formed alliance is consumed by arguments between its different factions and most polls show the prime ministerâ??s political vehicle running fourth in the elections this weekend.

And that leaves the comedian: Beppe Grillo, formerly Italyâ??s David Letterman and Jay Leno, who now heads the new Five Star Movement (M5S) that is roughly the Italian tea party. Grillo and Five Star want a vote on remaining in the euro currency, an end to paying off national debt, and an end to Montiâ??s austerity program (which Grillo calls â??rigor montisâ?ť).

Itâ??s a colorful cast of characters. How it plays out next weekend is uncertain. The only thing that can be said with certainty about the outcome is that it will have an impact across the world.

John Gizzi has come to be known as â??the man who knows everyone in Washingtonâ?ť and, indeed, many of those who hold elected positions and in party leadership roles throughout the United States. With his daily access to the White House as a correspondent, Mr. Gizzi offers readers the inside scoop on whatâ??s going on in the nationâ??s capital.
He is the author of a number of popular Human Events features, such as â??Gizzi on Politicsâ?ť and spotlights of key political races around the country. Gizzi also is the host of â??Gizziâ??s America,â?ť video interviews that appear on HumanEvents.com.
Gizzi got his start at Human Events in 1979 after graduating from Fairfield University in Connecticut and then working for the Travis County (Tex.) Tax Assessor.
He has appeared on hundreds of radio and TV shows, including Fox News Channel, C-SPAN, America's Voice,The Jim Bohannon Show, Fox 5, WUSA 9, America's Radio News Network and is also a frequent contributor to the BBC -- and has appeared on France24 TV and German Radio. He is a past president of the Georgetown Kiwanis Club, past member of the St. Matthew's Cathedral's Parish Council, and secretary of the West End Friends of the Library. He is a recipient of the William A. Rusher Award for Journalistic Excellence and was named Journalist of the Year by the Conservative Political Action Conference in 2002.
John Gizzi is also a credentialed correspondent at the World Bank and the International Monetary Fund. He has questioned two IMF managing directors, Dominique Strauss-Kahn and Christine LaGarde, and has become friends with international correspondents worldwide.
Johnâ??s email is JGizzi@EaglePub.Com

Italy’s election matters — here’s why

Will Italians this weekend elect a center-left government headed by a former Communist? Or will they make the pivotal figure in their next government a former comedian who now leads a new movement that stands for suspending payments on the national debt and holding a referendum on Italy remaining in the euro currency?

Or will the Italian electorateâ€”hold onto your hatsâ€”turn for the fourth time to former Prime Minister Sylvio Berlusconi, who has been tried about 30 times, but convicted only three (with verdicts timed out or overturned)? Now 77 and engaged, the billionaire media mogul is again leading his People of Liberty Party in elections Feb. 24-25.

The Italian election can be viewed as comedy or tragedy, depending on oneâ€™s point of view. But most importantly, the outcome of the race in a few days to determine whoâ€™s in charge of Europeâ€™s fourth-largest economy will be watched closely by the White House as well as the worldâ€™s major economies.

Not quite alone among Europeâ€™s debt-wracked economies, Italyâ€™s performance shows strong signs of recovery. Where the economies of sister industrial nations Germany and France shrunk slightly, Italyâ€™s actually grew from 98.9 points in August to 99.0 points in September, according to the Organizations for Economic Cooperation and Development (OECD).

Worries that Italy would be the fourth European economy to decline were assuaged. There was no further discussion that Italy would follow in the footsteps of Ireland, Portugal, and Greece and require a multi-billion dollar bailout from the International Monetary Fund, European Union, and European Central Bank.

Credit for Italy keeping its head above water is almost universally given to Prime Minister Mario Monti, an economist never elected to anything who was tapped to head the government last year when Berlusconi was forced out. With his cabinet of technocrats and his agenda of slight tax increases with major cuts in spending, Monti has overseen nothing short of a rescue of his nationâ€™s formerly uncertain economy. Montiâ€™s reform program, as Angel Gurria, secretary general of the OECD, told â€śReview Italyâ€ť in December, â€śare laying the foundations for a stronger, more competitive and more inclusive Italyâ€ť and â€śthe benefits of these measures could raise Italyâ€™s GDP by some 4 per cent over the next ten years.â€ť

It is widely rumored in Washington that the Obama administration wants very much for the 69-year-old Monti to remain in power in Rome. But in all likelihood, that is a long shot, at the very best.

A colorful cast of characters

Like the late University of Boston President John Silber when he ran for governor of Massachusetts in 1982 or retired General (and onetime Olympic great) Pete Dawkins running for senator from New Jersey in â€™88, non-politician Monti has never been able to adapt his obvious acumen to the political arena. Late last year, in launching his first-ever bid for office, the premier tried to cobble together a centrist alliance with the help of Ferrari head Luca Cordero di Montezemolo and Pier Ferdinando Casiniâ€™s Catholic UDC Party. By all accounts, Montiâ€™s hastily-formed alliance is consumed by arguments between its different factions and most polls show the prime ministerâ€™s political vehicle running fourth in the elections this weekend.

And that leaves the comedian: Beppe Grillo, formerly Italyâ€™s David Letterman and Jay Leno, who now heads the new Five Star Movement (M5S) that is roughly the Italian tea party. Grillo and Five Star want a vote on remaining in the euro currency, an end to paying off national debt, and an end to Montiâ€™s austerity program (which Grillo calls â€śrigor montisâ€ť).

Itâ€™s a colorful cast of characters. How it plays out next weekend is uncertain. The only thing that can be said with certainty about the outcome is that it will have an impact across the world.